Growing awareness apropos to medicinal efficacy acquired from natural sources and side effects of allopathy continues to drive the global herbal medicine market. The market has been on a steady growth trajectory amid various initiatives undertaken by countries to enhance the uptake of herbal medicine. Moreso, customers have been showcasing a strong inclination towards natural and organic products. In addition, the healthcare burden has also increased at a robust pace due to the rising cost of pharmaceutical or synthetic drugs. Nonetheless, herbal medicines effectively eliminate the occurrence of side effects promoting their utilisation in the treatment of diverse critical disorders and ailments. Its ability to improve general human health and alleviate the root cause of the disorder is likely to uphold the expansion of the global herbal medicine market.
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Health Benefits, and Robust Developments to Shore up Herbal Medicine Market Growth
Herbal medicines comprise anti-inflammatory, pharmacological, and antioxidant properties. Due to this, herbal medicines are extensively used to treat diseases including cancer, diabetes, dementia, tuberculosis, and malaria. Evidently, herbal medicines help in fighting diseases or ailments through the efficient development of internal immunity, facilitating the maintenance of a naturally balanced state of the human body. To this end, the herbal medicine market is witnessing subsequent propulsion in the direction of growth and cutting-edge advancements. Successive research and development endeavours pursued by institutions and universities to overcome traditional approaches are further fuelling market growth. Going forward, strategic collaboration and open innovation are expected to be key agendas of key players in the global herbal medicine market, unlocking numerous opportunities.
Inclination Toward Natural Ingredients in Cosmetics Sets Momentum for Herbal Medicine Market Growth
Recent years have witnessed a significant transition towards plant-based products and the cosmetic sector is no exception. This aspect is steering the holistic growth of the herbal medicine market. Inferring the growing awareness of natural cosmetic and beauty products, key players are looking forward to leveraging herbal medicine to develop more sophisticated beauty products. Major cosmetic organisations are ramping up research and development of cosmetic offerings promoting the replacement of synthetic components with natural counterparts. An up-ticking demand for cosmetic products such as natural beauty creams, balms, and lotions has translated into a significant business opportunity. During the projection period, a steady rise adoption of herbal ingredients in the beauty and cosmetic domain shall propel significant gains for the herbal medicine market.
Asia Pacific to Garner Lion’s Share in Herbal Medicine Market with Greater Production, and Consumption
The rising population and growing awareness of the health benefits of diverse herbal products are bolstering growth across the herbal medicine market in Asia Pacific. This, coupled with provided affordability and efficacy has further boosted the regional market expansion. In addition, emerging economies including India and China are demonstrating immense grit to be achieving the fastest growth in the forecast timeframe. This can be attributed to the robust production and consumption of herbal medicines in developing nations of Asia Pacific.
Major Market Players
Some of the most prominent players consolidating a strong foothold in the global herbal medicine market include Patanjali Ayurved Limited, ZeinPharma Germany GmbH, Cultivator Natural Products Pvt. Ltd., Emami Limited, Herbalife Nutrition, Nutraceutical Corporation, Nature’s Answer LLC, and Himalaya Global Holdings Ltd.
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